$SNDA

CAPITAL SENIOR LIVING CORP

CIK:0001043000|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 207,648	$ 93,525	$ 330,280	$ 185,448
Expenses:
Operating expense	135,030	61,420	217,706	121,834
General and administrative expense	14,351	9,729	24,814	18,201
Transaction, transition and restructuring costs	4,775	461	30,869	1,071
Depreciation and amortization expense	43,183	13,646	63,143	27,332
Managed community reimbursement expense	10,934	10,546	22,299	22,153
Third-party property management fees	4,836	0	5,884	0
Total expenses	213,109	95,802	364,715	190,591
Other income (expense):
Interest income	321	986	540	1,228
Interest expense	(22,508)	(9,271)	(35,341)	(18,717)
Gain on extinguishment of debt, net	3,871	0	3,871	0
Loss from equity method investment	(604)	(383)	(812)	(713)
Other income (expense), net	(15)	9,063	539	8,513
Loss before provision for income taxes	(24,396)	(1,882)	(65,638)	(14,832)
Provision for income taxes	(325)	(91)	(533)	(166)
Net loss	(24,721)	(1,973)	(66,171)	(14,998)
Less: Net loss attributable to noncontrolling interests	257	410	479	906
Net loss attributable to Sonida shareholders	(24,464)	(1,563)	(65,692)	(14,092)
Dividends on Series A convertible preferred stock	0	(1,409)	(1,093)	(2,818)
Deemed dividend on induced conversion of Series A convertible preferred stock	0	0	(19,069)	0
Net loss attributable to common shareholders	$ (24,464)	$ (2,972)	$ (85,854)	$ (16,910)
Weighted average common shares outstanding — basic (in shares)	46,806	18,093	35,987	18,070
Weighted average common shares outstanding — diluted (in shares)	46,806	18,093	35,987	18,070
Basic net loss per share - common shareholders (in USD per share)	$ (0.52)	$ (0.16)	$ (2.39)	$ (0.94)
Diluted net loss per share - common shareholders (in USD per share)	$ (0.52)	$ (0.16)	$ (2.39)	$ (0.94)
Resident revenue
Revenues:
Total revenues	$ 188,023	$ 81,845	$ 296,450	$ 161,100
Rental income
Revenues:
Total revenues	7,506	0	9,201	0
Management fee income
Revenues:
Total revenues	1,185	1,134	2,330	2,195
Managed community reimbursement revenue
Revenues:
Total revenues	$ 10,934	$ 10,546	$ 22,299	$ 22,153

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (66,171)	$ (14,998)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	63,143	27,332
Amortization of deferred loan costs	3,259	844
(Gain) loss on derivative instruments, net	(3,057)	781
Gain on extinguishment of debt, net	(3,871)	0
Loss from equity method investment	812	713
Provision for credit losses	2,731	1,440
Non-cash stock-based compensation expense	4,555	2,199
Other non-cash items	312	364
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable, net	(1,895)	(5,628)
Prepaid expenses	1,082	2,010
Other assets, net	(1,086)	(16)
Accounts payable and accrued expenses	(8,932)	(3,265)
Federal and state income taxes payable	(332)	(113)
Deferred income	(17,719)	1,270
Customer deposits	0	(178)
Net cash provided by (used in) operating activities	(27,169)	12,755
Cash flows from investing activities:
Acquisition of new business, net of cash acquired	(913,002)	0
Return of investment in unconsolidated entity	11,109	392
Acquisition of investment in unconsolidated entities	(1,846)	0
Acquisition of new communities	0	(22,533)
Capital expenditures	(19,193)	(15,330)
Net cash used in investing activities	(922,932)	(37,471)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	108,780	0
Proceeds from issuance of debt	1,152,500	29,000
Repayments of debt	(248,614)	(6,567)
Capital contributions from noncontrolling investors in joint ventures	717	287
Distributions to noncontrolling investors in joint ventures	0	(132)
Acquisition of noncontrolling interests	(3,577)	0
Purchase of derivative assets	(1,242)	0
Series A convertible preferred induced conversion consideration and closing costs	(5,125)	0
Dividends paid on Series A convertible preferred stock	(1,093)	(2,818)
Deferred loan costs paid	(15,600)	(62)
Other financing costs	(1,461)	(382)
Net cash provided by financing activities	985,285	19,326
Increase (decrease) in cash, cash equivalents, and restricted cash	35,184	(5,390)
Cash, cash equivalents, and restricted cash at beginning of period	30,272	39,087
Cash, cash equivalents, and restricted cash at end of period	65,456	33,697
Cash paid during the period for:
Interest	35,392	17,883
Income taxes paid, net	849	267
Non-cash investing and financing activities:
Non-cash common stock issued for acquisition of new business	771,819	0
Non-cash issuance of common stock for induced conversion of Series A convertible preferred stock	47,656	0
Non-cash modification of warrants	3,577	0
Insurance financed through insurance notes payable	0	3,293
Non-cash mortgage resolution	12,991	0
Non-cash property and equipment disposed in mortgage resolution	(9,486)	0
Non-cash additions of property and equipment	1,545	1,180
Non-cash right-of-use assets	$ 1,053	$ 643

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 48,709

$ 11,008

Restricted cash

16,747

19,264

Accounts receivable, net of allowance for credit losses of $6.6 million and $2.6 million, respectively

23,672

18,611

Prepaid expenses and other assets

11,428

6,373

Assets held for sale

9,540

9,453

Derivative assets

342

Deferred issuance costs

13,163

Total current assets

110,438

77,880

Property and equipment, net

2,188,633

736,188

Investment in unconsolidated entities

1,846

8,789

Intangible assets, net

181,710

19,743

Goodwill

52,710

Other assets, net

13,404

2,245

Total assets

^[1]

2,548,741

844,845

Current liabilities

Accounts payable

18,261

4,705

Accrued expenses

59,855

71,663

Current portion of debt, net of deferred loan costs

16,138

7,291

Deferred income

10,964

7,275

Federal and state income taxes payable

698

292

Liabilities held for sale

13,873

13,529

Other current liabilities

5,574

379

Total current liabilities

125,363

105,134

Long-term debt, net of deferred loan costs

1,555,414

682,450

Other long-term liabilities

1,756

1,006

Total liabilities

^[1]

1,682,533

788,590

Commitments and contingencies (Note 13)

Redeemable preferred stock:

Series A convertible preferred stock, $0.01 par value; none authorized, none issued and outstanding as of June 30, 2026 and 41 shares authorized, 41 shares issued and outstanding as of December 31, 2025

51,249

Equity:

Preferred stock

Common stock

474

188

Additional paid-in capital

1,417,809

490,804

Retained deficit

(556,695)

(491,003)

Total Sonida shareholders’ equity (deficit)

861,588

(11)

Noncontrolling interest:

4,620

5,017

Total equity

866,208

5,006

Total liabilities, redeemable preferred stock and equity

$ 2,548,741

$ 844,845

[1]

The condensed consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $1.7 million and $1.8 million of Cash and cash equivalents; $2.2 million and $2.0 million of Restricted cash; $0.2 million and $0.4 million of Accounts receivable, net; and $26.9 million and $28.8 million of Property and equipment, net; $1.5 million and $2.8 million of Intangible assets, net; $0.5 million and $1.0 million of Accounts payable; $0.7 million and $0.7 million of Accrued expenses; $0.1 million and $0.3 million of Deferred income; $19.8 million and $21.5 million of Debt, net of deferred loan costs; and $0.1 million and $0.1 million of Other long-term liabilities, in each case, as of June 30, 2026 and December 31, 2025, respectively.